As an active realtor in Miami, Florida/ I always find it interesting to see a bank owned property sell and then check it out after the buyer renovates it to Flip and it comes back on the market.
I showed a flip this week 3 times to different buyers and each one of my clients noticed the same mediocre finishes like hollow doors, uninspired closets, poor quality kitchen cabinets and lack luster light fixtures in the bathrooms and other lighting.
Some buyers with cash, like the one who purchased this property and beat out all the other offers, paid $1000 over the asking price ($1,050,000) for this REO property are self proclaimed flippers. They don't do this for a living but get involved if they have some dough and think it is an easy way to make a quick profit.
I guess it is if this one gets close to the $1,575,000 the owner is now asking, then he will make a 25%+ profit. While he did change all the windows to impact glass and install high end appliances I still think savvy buyers won't overpay once they look closely at the finishes. I will be very curious to see what this North Coconut Grove home finally sells for in this seller's market. I give the seller credit since this property had enough positives like the fact that it is naturally bright, has a friendly layout, an open kitchen and great location to try to perform a successful and profitable flip!
The market in Miami is all about pricing RIGHT -if you list your home and price it to sell you will sell within the first 2 weeks of it hitting the MLS. If you overprice, it will sit until you decide to reduce it.
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